Mike DiCenso: All Things PEP

Be More Than A Fiduciary

Mike DiCenso is a seasoned professional in the retirement industry, carrying over three decades of rich experience. His expertise spans a broad range of competencies. Mike crafts visionary strategies and direction, marked by critical thinking and market leadership. He is proficient in practice management and mastering business metrics, demonstrating organizational leadership, with a focus on revenue, asset, and profit growth.

Mike has a proven track record in sales and marketing leadership, formulating effective models, and offering mentoring. He also has remarkable team-building and recruitment capabilities, strong expertise in managing mergers and acquisitions, and has held prominent positions such as CEO, COO, and CMO. Overall, Mike is well-versed in providing holistic solutions and leadership

In this episode, Eric and Mike discuss:

• Should you handle ERISA plan tasks internally or outsource to experts?
• What are PEPs and PPPs? What purpose do they serve?
• Considerations when adopting a PEP
• The value of research, self-education, and analysis in considering a PEP

Key Takeaways:

• Understanding the roles and responsibilities involved in running a retirement plan is more important than ever. Benefit managers must carefully consider whether to handle tasks internally or outsource them to experts. In this context, Pooled Employer Plans (PEPs) have emerged as a viable solution for employers.
• PEPs are essentially 401(k) or 403(b) plans that combine unassociated employers, while Pooled Plan Providers (PPPs) serve as the ultimate fiduciaries managing and overseeing these plans.
• Adopting a PEP may require employers to relinquish some control over plan design and fund lineup. PEP providers offer varying degrees of flexibility and customization options for plan design and investment lineups.
• When considering a PEP, employers should conduct thorough research, should consider engaging in an RFI or RFP process, and evaluate multiple providers to determine the best fit for their needs. Advisors, too, should educate themselves about PEPs to better serve their clients and avoid losing them to competitors who offer PEP solutions.

“A PEP… is for any employer who's looking to offload and outsource as much of the operations and the fiduciary responsibilities as possible. Can they ever get rid of it 100%? No. Because they do have to select which PEP they're going into and that in itself is a fiduciary duty.” - Mike DiCenso

Connect with Mike DiCenso:

Website: https://www.myretirementace.com/

LinkedIn: https://www.linkedin.com/in/michael-dicenso-a479b16/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/